The five-year renewal was completed a year before the lease was set to expire. The lease terms for the deal were not disclosed. Studley executives who brokered the deal for Tetra Tech, say the company received a deal with the landlord that will see to the renovation of the space to fit the company's needs.
"Renewing early also allowed the company to take advantage of today's soft office market conditions with net rents in class A buildings that have come down by 25 percent over the past 12 months," says Lisa Davidson, Studley executive managing director who represented Tetra Tech with colleague Scott Katcher.
Tetra Tech capitalized on the favorable market conditions as it moves forward with plans to consolidate two office locations into this location. Cosentini Associates, a division ofTetra Tech, will move from 1 E. Wacker Dr. to the South Wacker location by the fourth quarter.
"Consolidating these two locations made sense for Tetra Tech," Katcher says.
Jones Lang LaSalle's Michael Curran represented building owner Teacher Insurance and Annuity Association.
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